The day to day operations of an insurance agency are quite versatile. Keeping up with the range of tasks can often become daunting and if you don’t have the resources to keep up, those tasks can pile up and eventually become a problem.
One of the most important tasks insurance agencies must look after on a daily basis is processing commissions. With a lack of resources, these vital responsibilities tend to pile up and eventually take up way more time than needed. When it begins to take up too much time it’s inevitable that other important work starts lagging behind – resulting in a constant loop.
One of our clients fell into the very same loop. It would take up to 2 weeks for them to process commissions which not only slowed things down but also resulted in unnecessary over-work. Luckily for them, Edge Ambassadors (EAs) are highly versatile in their skill-set. By having an Edge Ambassador (EA) take on the task, processing commissions became so seamless that it was done 3 times quicker than before.
Our client was then able to focus on tasks that mattered which improved both productivity and the quality of their work.
So how did an Edge Ambassador bring down the commission processing time? Here’s how:
Organizing
The EA arranged and organized all of the accounting documents into monthly folders to ensure that tracing documents was easier. It helped save time and kept things both simple and efficient.
Maintaining Records
Maintaining records of monthly statements sent to employees for commissions helped ensure that all documents were sent out as well as created a record-keeping system so no one would need to double-check.
Coordination
The EA coordinates with employees regarding any previous statements that weren’t provided and arranged for them with carriers. Additionally, the EA also coordinates with carriers to set up accounts on their online portals for accessing accounting documents when needed. This is also helpful when any missing documents need to be arranged.
Customer Support Correspondence
Corresponding with the management system’s customer support to help resolve any encountered issues or queries helps by providing solutions in a much quicker manner.
Book-Keeping
Reconciliation and putting in place all the monthly statements from carriers in a timely manner also ties into keeping an organized system which helps in making processing times efficient.
Auditing
The EA also audits documents from the start of the accounting period to ensure that all monthly statements have been recorded in the accounting system.
Reporting
By recording all the statements, an EA helps to produce accurate system generated reports.
Assisting Management
While helping the agency supercharge their commissions’ processing times, the EA also helps management with any additional tasks when required.
This series of responsibilities taken on by an Edge Ambassador is exactly what helped the agency spend less time on their processing, and refocus their time on other important tasks. While Edge Ambassadors are versatile and determined in their work, they’re just as determined on taking on responsibilities that help their clients day-to-day operations run as smoothly as possible!
